Utilizing e-Comms Channels According To Financial Regulators

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www.shieldfc.com
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Clients are shifting away from email (remember
receiving printed brochures in your mailbox?),
most of them still want some way to be able to
connect with their financial advisors and
planners. SMS text, whether its by messaging,
DMing on Instagram, or on WhatsApp, is up to
individual preference, but its decreasingly via
email.
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Thats an easy shift for clients to make but
its not so easy for financial firms. an eMail
was a nicely controlled and known mode of
digital communication. Thousands of tools
(off-the-shelf and legacy home-grown varieties)
exist for the sole purpose of monitoring,
archiving, and reporting non-compliant
conversations.
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Keeping records for all of it sounds simple, but
you could pay up to 200 million for not doing
so. And look at the fallout from the Gamestop
buying frenzy instigated on Reddit. Monitoring
for recommendations made on social media sites
is challenging but essential. Advertising to the
public is in the same bucket and needs to be
monitored carefully, too.
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At the end of the day, record-keeping is at the
foundation of RegTech essentially to keep
brokers, financial firms, and the clients they
serve honest. Everyone aims for a standard of
integrity with zero tolerance for market abuse
and inappropriate conduct, but few achieve it.
Hence, good ol RegTech is as essential as it is
boring.
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